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Nicole and Mohammad (married taxpayers filing jointly) are equal owners in an S corporation. The company reported sales revenue of $480,000 and expenses of $360,000.
Nicole and Mohammad (married taxpayers filing jointly) are equal owners in an S corporation. The company reported sales revenue of $480,000 and expenses of $360,000. The corporation also earned $27,000 in taxable interest and dividend income and had $18,900 investment interest expense. Required: How are these amounts reported for tax purposes in the following schedules
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